- Logistics major United Parcel Service or UPS, is in deal with blockchain-for-business firm Inxeption to use an integrated blockchain-powered platform called Inception
- Inxeption’s blockchain-backed technology helps ensure that sensitive information such as contract-specific pricing and negotiated rates are only shared between the buyer and seller.
- Earlier in August last year, UPS had filed for a new patent to use blockchain to assist in simplifying package delivery around the world.
What makes blockchain technology well suited for the pharma supply chain?
A technological innovation that’s primarily associated with the finance industry is unexpectedly emerging as a major disruptor for pharmaceutical and supply chains. Blockchain can be a solution to help build the trust needed between parties to drive transactions using a process that could upend the pharma supply chain and completely transform the cold chain as we know it.
This technology is best known–and understood–within financial industry circles as the engine behind Bitcoin, a virtual currency launched in 2009. It creates an unchangeable record-keeping system for a data-driven monetary system and all its transactions. Like other emerging technologies, Blockchain is constantly evolving as new applications for it are discovered.
This decentralized, digital ledger system uses algorithms and encrypted keys in linear blocks of time to create a sequential chain that ensures a level of verification and trust. Almost every industry may be affected and is exploring its potential.
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